| If you need to sell your home due to financial problems or the risk of Foreclosure, below are a list of 5 MAJOR Things NOT to do. Call the Diane Kelly Team at (678) 907-9155 today...we can help.|
#1 - Do NOT ignore the problem and do NOTHING!
This is the worse possible thing you could do. An incredible number of people just accept the fate that there is nothing they can do and GIVE PERMISSION to allow their home to be taken away from them via foreclosure. Remember, no action is action! Don't allow this to happen to you! You do NOT want a foreclosure on your credit report, as it will effect your ability to obtain more favorable consumer loans, car loans, in the future.
#2 - DO NOT panic and sell your home at a giant price cut!
Whenever someone pressures you to try and convince you to sell your home to them at a signficant price reduction, it is likely due to the fact that the transaction is highly beneficial to them and not favorable for you.
#3 - Never deed your home to a third party!
NEVER, NEVER, NEVER (under any circumstances) should you EVER deed your home / property to a third party without obtaining legally valid confirmation that your loan has been satisfied (paid off).
IF you are CONSIDERING this option IMMEDIATELY consult your OWN real estate attorney BEFORE proceeding with this option (DO NOT CONSULT THE BUYER'S ATTORNEY) YOUR OWN REAL ESTATE ATTORNEY will represent your best interests vs. the buyer's best interests.
ISSUES: If you were to EVER deed your home / property to a third party, you have assigned TOTAL control and ownership of your home / property to the third party. The "new owner" could do just about anything they want such as attempt to sell your home and profit from it, move into your property, rent the property and retain the entire rent, etc. The PROBLEM with this option is that YOU are still responsible for the mortgage even though you no longer own the home. The "new owner" may not make mortgage payments and this will quickly turn into one of your worse nightmares...especially the damage it will cause to your credit rating.
#4 - DO NOT authorize a potential buyer to contact your lender!
Do NOT provide authorization for a potential buyer to contact your mortgage company/lender. A buyer's incentive is to obtain the lowest possible price they can to acquire your home / property...naturally. The buyer will solicit your mortgage company to agree to a deeply discounted payoff that may not benefit your interests. These kind of negotiations can easily go for weeks and months without you having control of the information you authorized the mortgage company to share with the potential buyer. In the end, the potential buyer could walk --- leaving you with significant less time to sell your home.
NOTE: if you are CONSIDERING this option IMMEDIATELY consult your OWN real estate attorney before proceeding with this option (DO NOT CONSULT THE BUYER'S ATTORNEY).
#5 - Do Not sign a Listing Agreement WITHOUT this language!
If / when you sign a listing agreement with a realtor, 100% CERTAIN the realtor has included the following language: "The Seller's obligation to perform on this contract is subject to the approval of the lien holders of this property. The Seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker and without payment of a commission or any other consideration to the broker, if the Seller tenders a Deed-in-Lieu of Foreclosure." It is critical for you (the Seller) to have this language in the listing agreement or you could be liable to pay real estate commissions even if you do not sell your house! Contracts prepared by the Diane E. Kelly Team at Keller Williams North Atlanta Realty include this verbiage to protect our Seller clients for short sale transactions.
Call the Diane Kelly Team at (678) 907-9155 today...we can help you sell your home.
DISCLAIMER: The content provided on this website is intended for general informational regarding Short Sales, Foreclosures, etc. We are not a law firm, a finance institution, nor are we an accounting/tax firm. Relative to foreclosures and Short Sales, users of this website are STRONGLY encouraged to consult with legal, financial and tax professionals since there could be legal, tax, financial or credit consequences relating to a Short Sale. The Diane E. Kelly Team does not warrant or assume any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, product or process disclosed.
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